Mind the Gap 2023.
A guide to gender pay gap reporting
This International Women’s Day (IWD) we thought we’d release our updated Mind the Gap infographic. It’s our quick and easy guide to reporting on a gender pay gap.
The theme for this year’s IWD is ‘DigitALL: Innovation and technology for gender equality'. This theme focuses on how technology and education in the digital age can help the empowerment of women and girls across the world.
We’ll see companies indulge in self-promotion highlighting what they’re doing to align themselves with this year’s theme. And whilst it’s great that they’re showing us how they’re empowering women in a digital age, wouldn’t their time be better spent elsewhere?
According to PwC analysis₁, the overall average gender pay gap is continuing to narrow but slowly. PwC say, “among companies that disclose their pay gaps each year, there’s been a small decline of 0.3% from an average pay gap of 13.2% in 2020/21 to 12.9% in 2021/22. That means, on average women in the UK earn 87p for every £1 men earn.”
In reality, this means women end up working for free for almost two months a year in comparison to the average man.
Before organisations start promoting what they’re doing for IWD, we’d like to see them look introspectively. Perhaps time and resource would be better spent fixing their own gender pay gap before they shout about the importance of empowering and enabling women.
Round Governance Services and gender pay gap reporting
Gender pay gap reporting might not seem like a priority, but it should be. It’s not just about doing the right thing; individual businesses and the entire economy benefit from transparency.
If you’re determined to close the gender pay gap, just as we are, but lack time and resource to do the essential leg work then we can help.
We will:
- Bring your gender pay gap statement to life making sure your data’s transparent and your narrative is clear.
- Analyse your company’s gender pay gap and work with you to put a strategic plan into place to close that gap next year.
- Provide ‘why’ and ‘how’ technical updates for your Board or Board Committees.
- Advise on Board and workforce gender related policies* (including Diversity, Equity & Inclusion).
- From equal pay to flexible working, we’ll review, update or draft your gender related policies from scratch.
- Draft your gender pay gap and diversity related content for your annual report and accounts.
- Provide a communication strategy to explain your gender pay gap to your employees.
What we can’t do is provide expert advice on remuneration strategies but we know someone who can! We do urge you to look at your tactical reward strategies in any event.
What’s next?
If you would like an expert pair of hands to guide you through the gender pay gap reporting process? Contact us, we’re here to help.
And head to Round Resources and subscribe to access our free content. You’ll then be able to download our updated Mind the Gap infographic - our handy guide to gender pay gap reporting.